Objection Handling Techniques

Hand with red strings. Objection Handling Techniques.

UNDERSTANDING SALES • Thus, SALES is basically a Need Satisfying Process or A Problem Solving Activity • Exchange : Need Satisfaction or Problem Solving by exchanging the Benefits/Solution that the Product or Services offer to money/considerations which the Customer part with • Products or services are Solutions to someone's Problem.

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Stimulus Response Theory. The stimulus-response theory in selling is a classic model that describes how people respond to stimuli in their environment. The theory suggests that people respond to stimuli in a predictable way, and that a salesperson can use this knowledge to influence their behavior. In the context of selling, the theory suggests that a salesperson can use various stimuli (such as words, images, or emotions) to elicit specific responses from the customer. For example, a salesperson might use persuasive language, attractive visuals, or positive emotions to create a desire for the product or service they're selling. They might also use urgency, scarcity, or social proof to encourage the customer to take action and make a purchase. The theory suggests that the key to successful selling is to understand the customer's needs and desires, and to use stimuli that will appeal to those needs and desires. By doing so, the salesperson can create a positive response from the customer and increase the likelihood of a sale..

Stimulus Response Theory Example. A salesperson is trying to sell a new line of luxury watches to a customer. They know from previous conversations that the customer is interested in fashion and status symbols. The salesperson uses this information to craft a sales pitch that leverages the customer's desire for fashion and status. The salesperson begins by showing the customer high-quality images of the watches and describing their intricate designs and premium materials. They use persuasive language to highlight the watches' unique features and explain how they're a perfect complement to the customer's fashion sense. Next, the salesperson creates a sense of urgency by mentioning that the watches are limited edition and only available for a short time. They also mention that the watches have been popular with other fashion-forward customers, leveraging the principle of social proof. Finally, the salesperson offers the customer a discount if they make a purchase today, using the principle of reciprocity to encourage the customer to take action..

FABV. FABV selling theory is a sales technique that focuses on highlighting the features, advantages, benefits, and value of a product or service to potential customers. Here's a breakdown of each element of the FABV selling theory: Features: The features of a product or service are its characteristics or attributes. This could include its size, weight, color, or any other physical or functional aspect. Advantages: The advantages of a product or service refer to how it can meet a customer's needs or solve a problem. For example, a laptop's lightweight design could be an advantage for people who travel frequently. Benefits: The benefits of a product or service refer to the positive outcomes or results that the customer will experience. For example, a laptop's high-speed processing could result in increased productivity for the user. Value: The value of a product or service refers to its worth or usefulness to the customer. This could include the cost savings it provides or the emotional satisfaction it delivers ..

Feature: The new smartphone has a 6.5-inch HD display with Gorilla Glass 6. Advantage: The large and durable display means you can enjoy your favorite movies, videos, and games without any hassle. Plus, the Gorilla Glass 6 will protect your screen from accidental drops and scratches. Benefit: With the phone's large, clear, and durable display, you'll have an enhanced viewing experience, and you won't have to worry about accidental damage or scratches. This means you'll be able to use your phone with confidence, without needing to replace or repair the screen. Value: The phone's large, clear, and durable display, along with the Gorilla Glass 6, add value to your investment in the device. You'll be able to enjoy your favorite content without any issues and be assured of the phone's durability, which will save you the cost and hassle of replacing a damaged screen . By using FABV selling theory in this way, the salesperson is able to highlight the key features, advantages, benefits, and value of the product. This approach helps the customer to understand why this particular smartphone is an excellent choice for them and encourages them to make a purchase..

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Product-oriented selling. Product-oriented selling is a sales approach that focuses on the features and benefits of a product, with the aim of persuading potential customers to make a purchase. In this approach, the salesperson typically highlights the unique aspects of the product, its quality, and its usefulness to the buyer. For example, a salesperson selling a high-end smartphone may focus on its advanced features, such as the camera quality, the speed of the processor, and the high-resolution display. They may also emphasize how these features can benefit the buyer, such as capturing high-quality photos, enjoying a seamless user experience, and accessing a wide range of apps. By highlighting these features and benefits, the salesperson aims to convince the buyer that the product is worth purchasing..

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Casual woman confused. What is Objection Handling?.

Objection Handling Techniques. Boomerang Technique : This involves turning the objection into a reason for the prospect to buy. For example, if the prospect objects to the high price, you could say, "Yes, it is expensive, but think about the quality and value you'll receive in return." Feel-Felt-Found Technique : This involves empathizing with the prospect by acknowledging that you understand how they feel, sharing a similar experience that you or someone else had, and then sharing what was discovered in that experience. For example, "I understand how you feel, we had a customer who felt the same way. But after trying our product, they found it to be the perfect solution for their needs.“ The Assumptive Close : This involves assuming the sale has been made and asking for the next step. For example, "Great, when would you like us to start delivering the product?" The Urgency Technique: This involves creating a sense of urgency by highlighting a deadline or scarcity. For example, "Our special promotion is ending soon, so if you want to take advantage of this offer, you need to act quickly." The Comparison Technique : This involves comparing your product or service to a competitor's and highlighting the unique benefits of your offering. For example, "I understand you're considering our competitor's product, but have you considered the added benefits and features that our product offers?".

Objection Handling Techniques Cont’d. The Testimonial Technique: This involves sharing positive feedback and testimonials from satisfied customers to address the prospect's objections. For example, "Many of our customers were hesitant about the price at first, but after trying our product, they found it to be worth every penny. Here's what one customer had to say...".

How to Handle Objections. Handling objections is an important skill for any salesperson. Here are some general steps to follow when handling objections: Listen carefully: When a customer raises an objection, it's important to listen carefully to what they're saying. Ask clarifying questions if necessary to make sure you understand their concern. Empathize: Show the customer that you understand their concern and that you take it seriously. This can help to build trust and rapport with the customer . Address the objection: Provide a clear and concise response to the objection. Explain why the objection may not be valid or how the product or service can still meet the customer's needs despite the objection. Provide evidence: Use data, testimonials, or other forms of evidence to support your response. This can help to build credibility and convince the customer that your product or service is the right choice . Ask for feedback: After addressing the objection, ask the customer if they have any additional concerns or questions. This can help to ensure that all of the customer's concerns have been addressed and that they feel confident in their decision..

How to Handle Objections. Close: Once you have addressed the objection, continue with the sales process and move towards closing the sale. It's important to remember that objections can be an opportunity to learn more about the customer's needs and concerns. By addressing objections effectively, a salesperson can build trust, overcome objections, and close more sales..

Handling Objections. Price: "It's too expensive.".

Handling Objections. Timing: "I'm not ready to make a decision right now.".

Closing. Close: Once you have addressed the objection, continue with the sales process and move towards closing the sale. Sales closing is the penultimate step in the sales process where a salesperson attempts to persuade a prospective customer to make a purchase. The goal of sales closing is to get the customer to agree to the terms of the sale and ultimately make a purchase. This involves using various techniques to overcome any objections the customer may have and to demonstrate the value of the product or service being offered. Successful sales closing results in a mutually beneficial transaction for both the seller and the buyer..

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Closing. ABC Close : ABC stands for "Always Be Closing." It's a sales technique that involves constantly looking for opportunities to close the deal throughout the sales process. The idea is to keep the conversation moving towards a final decision rather than letting it wander aimlessly. This technique is especially useful for salespeople who are on the phone or conducting a virtual meeting with a customer. Alternative Close: The alternative close is a sales technique that involves offering the customer two different options, both of which lead to a sale. The idea is to give the customer a sense of control over the decision-making process while still steering them towards a sale. For example, a salesperson might ask, "Would you prefer the red or the blue version of this product?" rather than "Do you want to buy this product?“ Summary Close: The summary close is a sales technique that involves summarizing the key benefits and features of a product or service and then asking the customer if they would like to buy. This technique is often used towards the end of a sales pitch, and it's designed to remind the customer of all the reasons why they should make a purchase..

Closing cont’d. Yes, Set Close: The yes set close is a sales technique that involves getting the customer to agree to a series of smaller commitments before asking for a larger commitment, such as a purchase. For example, a salesperson might ask a series of questions that are designed to get the customer to say "yes" repeatedly. This technique is based on the idea that people are more likely to agree to a larger request if they've already agreed to a series of smaller requests. 123 Close: The 123 close is a sales technique that involves asking the customer three simple questions that are designed to lead them towards a sale. The questions are usually along the lines of "Do you like the product?" "Do you need the product?" and "Can you afford the product?" The idea is to get the customer to say "yes" to all three questions, which makes it easier to ask for the sale. Assumptive Close : The assumptive close is a sales technique that involves assuming the sale has already been made and acting accordingly. For example, a salesperson might say, "When would you like us to deliver your new product?" rather than "Would you like to buy this product?" This technique is based on the idea that people are more likely to go along with something if it's presented as a foregone conclusion.

Closing cont’d. Trial Close: The trial close is a sales technique that involves asking the customer for their opinion on a product or service before asking for the sale. For example, a salesperson might say, "What do you think of the product so far?" before asking, "Would you like to buy it?" This technique is designed to gauge the customer's interest and address any objections they might have before making the final ask. Now or Never Close: The now or never close is a sales technique that involves creating a sense of urgency around the sale. For example, a salesperson might say, "This is the last one we have in stock" or "The sale ends at midnight tonight." The idea is to make the customer feel like they need to act quickly in order to take advantage of a special offer or avoid missing out on a limited opportunity . Best Time Close: The best time close is a sales technique that involves identifying the best time for the customer to make a purchase and using that information to encourage them to buy. For example, a salesperson might say, "If you buy now, you'll get the product just in time for your upcoming event." This technique is designed to tap into the customer's motivation for making a purchase and create a sense of urgency around their decision..

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